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Marketaxess Holdings Inc  (MKTX)
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    Sector  Financial    Industry Investment Services
 
   Industry Investment Services
   Sector  Financial
 


Marketaxess Holdings Inc Segments

 
 

Business Segments II. Quarter
Revenues
(in millions $)
(Jun 30 2018)
%
(of total Revenues)
II. Quarter
Income
(in millions $)
(Jun 30 2018)
%
(Profit Margin)
Total
108.35 100 % 40.49 37.37 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment II. Quarter
Y/Y Revenue
%
(Jun 30 2018)
Q/Q Revenue
%
II. Quarter
Y/Y Income
%
(Jun 30 2018)
Q/Q Income
%
Total
20.02 % -5.55 % 30.95 % -15.55 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Marketaxess Holdings Inc's Total segment. Select each division with the arrow.

  Marketaxess Holdings Inc's

Business Segments Description



U.S. High-Grade Corporate Bond Market
The U.S. corporate bond market consists of three broad categories of securities: investment-grade debt (so-called “high-grade”), which typically refers to debt rated BBB- or better by Standard & Poor’s or Baa3 or better by Moody’s Investor Service; debt rated below investment-grade (so-called “high-yield”), which typically refers to debt rated lower than BBB- by Standard & Poor’s or Baa3 by Moody’s Investor Service; and debt convertible into equity (so-called “convertible debt”).


The U.S. high-grade corporate bond market represents the largest subset of the U.S. corporate bond market. FINRA includes over 46,000 unique securities in the list of TRACE-eligible bonds, representing the majority of the daily trading volume of high-grade bonds. According to the Federal Reserve, U.S. high-grade corporate bond debt outstanding has increased approximately 26.0% from $6.5 trillion at year-end 2010 to $8.2 trillion at September 30, 2015. Over the last four years, high-grade corporate bond issuance was over $1.0 trillion each year, exceeding pre-financial crisis levels. Notwithstanding the growth in the total amount of debt outstanding, turnover (which is the total amount traded as a percentage of the amount outstanding for the bonds that traded) is below credit-crisis lows.

Prior to regulatory reforms such as Basel III and regulations under The Dodd–Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), dealer balance sheets were relatively elastic, so dealers were able to facilitate trading in most fixed-income products without dramatic price moves. The regulatory reforms enacted after the global financial crisis resulted in greater capital and liquidity requirements for dealers, which impacted market liquidity and diminished risk appetite by market intermediaries. The Volcker Rule, which limits proprietary trading by banks, has also had an impact on dealer inventories and the ability of dealers to act as effective market-makers. As a result, we believe market participants require new solutions to increase liquidity and we have responded with our Open Trading™ protocols, designed to allow our broker-dealer and institutional investor clients to interact in an all-to-all trading environment.

Emerging Markets Bond Market
We define the emerging markets bond market generally to include U.S. dollar, Euro or local currency denominated bonds issued by sovereign entities or corporations domiciled in a developing country. These issuers are typically located in Latin America, Asia, or Central and Eastern Europe. Examples of countries we classify as emerging markets include: Argentina, Brazil, Colombia, Mexico, Peru, the Philippines, Russia, Turkey and Venezuela.


The institutional investor base for emerging markets bonds includes many crossover investors from the high-yield and high-grade investment areas. Institutional investors have been drawn to emerging markets bonds by their high returns and high growth potential.

Crossover and High-Yield Bond Market
We define the high-yield bond market generally to include all debt rated lower than BBB- by Standard & Poor’s or Baa3 by Moody’s Investor Service. We define the crossover market to include any debt issue rated below investment-grade by one agency but investment-grade by the other.

European High-Grade Corporate Bond Market
The European high-grade corporate bond market consists of a broad range of products, issuers and currencies. We define the European high-grade corporate bond market generally to consist of bonds intended to be distributed to European investors, primarily bonds issued by European corporations, excluding bonds that are issued by corporations domiciled in an emerging markets country and excluding most government bonds that trade in Europe. Examples include:

bonds issued by European corporations, denominated in any currency;

bonds generally denominated in Euros, U.S. dollars or Pounds Sterling, excluding bonds that are issued by corporations domiciled in an emerging market;

bonds issued by supra-national organizations (entities that include a number of central banks or government financial authorities, such as the World Bank), agencies and governments located in Europe, generally denominated in Euros,

U.S. dollars or Pounds Sterling, provided that such currency is not the currency of the country where the bond was issued; and floating-rate notes issued by European corporations.


We believe that the European high-grade corporate bond market is impacted by many of the same factors as the U.S. high-grade corporate bond market.

U.S. Agency Bond Market
We define the U.S. agency bond market to include debt issued by a U.S. government-sponsored enterprise. Some prominent issuers of agency bonds are the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. The total amount of U.S. agency bonds outstanding was approximately $2.0 trillion as of September 30, 2015 as reported by SIFMA. The average daily trading volume of U.S. agency bonds (excluding mortgage-backed securities) as measured by TRACE declined from approximately $10.2 billion at December 31, 2011 to $5.0 billion for the year ended December 31, 2015.

Credit Derivative Market
Credit derivatives are contracts on an underlying asset that transfer risk and return from one party to another without transferring ownership of the underlying asset, allowing market participants to obtain credit protection or assume credit exposure associated with a broad range of issuers of fixed-income securities and other debt obligations. Among the most significant requirements of the derivatives section of the Dodd-Frank Act are mandatory clearing of certain derivatives transactions (“swaps”) through regulated central clearing organizations and mandatory trading of those swaps through either regulated exchanges or swap execution facilities (“SEFs”), in each case, subject to certain key exceptions. We operate a swap execution facility pursuant to the U.S. Commodity Futures Trading Commission’s (“CFTC”) rules and we list certain credit derivatives for trading by U.S. persons and other participants on our SEF. The U.S. Securities and Exchange Commission (“SEC”) has not yet finalized its rules for security-based SEFs that would govern the execution of single-name credit derivatives, nor has it published a timetable for the finalization and implementation of such rules.

   

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